Helium, touted as Solana’s largest decentralized public infrastructure network, outperformed the broader altcoin market during August.
Helium (HT) rose more than 51% over the past 30 days, outperforming the top 100 altcoins on the market. The crypto asset hit an intraday high of $7.33, up more than 2.4% over the past day.
Helium has nearly doubled since its low of $3.65 on August 5, when the Cryptocurrency and stock markets plummetedcausing more than $1 trillion in settlements across the global cryptocurrency market.
Helium’s monthly price increase comes at a time when its community has strongly supported the HIP130 and HIP131 proposals. This decision allows all compatible Wi-Fi hotspots to be configured to support operators such as Helium Mobile.
The HIP131 proposal, on the other hand, allows service providers to begin improving Hex areas, focusing only on the regions with the highest revenues. These proposals will be implemented seven days after their announcement.
Also, recently Discussions In the cryptocurrency space, experts have focused on Helium’s potential to reshape wireless infrastructure. Traditionally, to expand coverage, large carriers must invest heavily in building additional cell towers. Helium offers a novel technique to increase wireless coverage through a decentralized network of mobile nodes.
HNT also gained traction after announcing tests with two major US telecommunications companies to test network traffic offloading on the Helium MOBILE network. The operator’s traffic offloading test involves more than 500,000 users participating in these tests.
The strategy could allow these operators to reduce costs and improve coverage by transferring some users to the Helium network. At the same time, Helium would benefit from increased traffic, revenue directed to its hotspot providers, and increased value for investors through increased use of HNT tokens.
According According to Helium statistics, the MOBILE network currently operates around 20,680 active access points and its IoT solution is deployed in 357,359 locations, with both numbers constantly increasing.
Meanwhile, HNT’s current price rally is supported by a 65% increase in total open interest, indicating a surge in trader interest. According to Coinglass dataOpen interest in the futures market has risen to $7.43 million, the highest level since April and significantly above the low of $2.35 million earlier this month.
Community sentiment on the HNT token was also bullish on CoinGecko and CoinMarketCap.
HNT technical analysis reveals strong bullish momentum, highlighted by the golden cross pattern where the 50-day and 200-day moving averages intersect. This key bullish signal, coupled with a mid-range Relative Strength Index around 50 and 51, indicates balanced market conditions with potential for further gains.
Helium has also developed a cup and handle pattern, where the last consolidation phase corresponds to the handle part of the pattern.
Combined with high trading volumes and an increase in open interest in the futures market, these indicators reveal strong market participation and optimism about Helium’s strategic initiatives to expand its decentralized network, which could boost Further price increases in HNT value.
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